No Deduction Because Easement Not in Perpetuity
The Tax Court in Palmolive Building Investors1 denied a taxpayer’s charitable contribution for a facade easement on the basis that the deed granting the easement failed to satisfy the “in …
No Equitable Remedy to Avoid Additional Tax on IRA
No Equitable Remedy to Avoid Additional Tax on IRA In Summers,1 despite facts sympathetic to the taxpayer, the Tax Court held that equitable remedies could not be applied to avoid …
No IRA Distribution Although Custodian Refused Taking Stock
No IRA Distribution Although Custodian Refused Taking Stock The Seventh Circuit, in McGaugh,1 held that a taxpayer-initiated wire transfer of funds from the taxpayer’s self-directed individual retirement account (IRA) to …
U.S. News & World Report Names Lerch Early a Top National Firm for Real Estate Litigation and Land Use; 9 Practices Ranked in Top Tier in DC Area for 2018
U.S. News & World Report Names Lerch Early a Top National Firm for Real Estate Litigation and Land Use; 9 Practices Ranked in Top Tier in DC Area for 2018 …
Court Disallows Interest Deduction on Graegin Loan
In Estate of Koons, 1 the Eleventh Circuit Court of Appeals upheld a decision of the United States Tax Court in holding that interest paid pursuant to a Graegin loan …
Erroneous Rollover of IRA to Widow Increased Her Tax
Erroneous Rollover of IRA to Widow Increased Her Tax In Ozimkoski v. Commissioner, TC Memo 2016-228, the trustee of a deceased husband’s IRA incorrectly rolled over the account balance to …
Penalties Avoided for Relying on Incorrect Due Date Advice
Estate of Hake, 119 AFTR 2d 2017-727 (DC Pa., 2017) In Hake,1 the U.S. District Court for the Middle District of Pennsylvania held that executors were not liable for penalties …
Increased Exemptions for Estate Taxes in 2017, Larger Potential Changes on Horizon
Increased Exemptions for Estate Taxes in 2017, Larger Potential Changes on Horizon Higher estate tax exemptions? Elimination of the estate tax altogether? It’s shaping up to be an interesting year …
What Causes People to Contest Wills?
A few years ago, former Playboy model Anna Nicole Smith made headlines with her protracted legal battle over the estate of her billionaire husband. Disputes over wills and inheritance, however, …
Theft Loss Deduction Allowed for Madoff Ponzi Scheme
Theft Loss Deduction Allowed for Madoff Ponzi Scheme In Estate of Heller,1 a case of first impression, the Tax Court held that an estate was allowed a theft loss deduction …
